One property developer/investor, Stone/RE ⁵¹ , has committed to constructing only BREEAM Outstanding buildings from now on. These buildings typically achieve a 66% reduction in carbon emissions ⁵² . The benefits of sustainable real estate extend beyond asset value and carbon reduction. According to DLA Piper ⁵³ , 38% of survey respondents highlighted ‘value preservation or increase’ as the top advantage of sustainable real estate, followed by reputation (18%) and energy cost reduction (15%). BSRIA ⁵⁴ also found improvements in employee retention, productivity, satisfaction, occupant comfort, community benefits, CSR/PR and brand recognition are notable advantages. Discerning businesses increasingly seek ‘green buildings.’ Mark Carney’s influential work ⁵⁵ has long predicted the alignment of sustainable and commercial benefits. While focusing on reducing operational and embodied carbon in new builds is crucial, we must also address the fact that around 80% of the buildings in use by 2050 have already been built. To effectively combat climate change, retrofitting older buildings for energy efficiency is essential ⁵⁶ . The IPCC specifically highlights retrofitting existing buildings and upgrading energy-using equipment as key strategies to achieve climate goals. The IPCC report ⁵⁷ states, “The largest portion of carbon savings by 2030 will come from retrofitting existing buildings and replacing energy-using equipment due to the slow turnover of the building stock.” Prioritising this retrofitting agenda is important for making meaningful progress. There is a compelling argument that we need to move from the principles of sustainable development, championed by Frankhauser ⁵⁸ and the UN’s SDGs, towards a more regenerative or de-growth economic model, as illustrated by Hickel ⁵⁹ or Raworth’s ⁶⁰ Doughnut model. The CO2e saving would be greater still if we built smaller buildings - or, in some cases, chose not to build at all ⁶¹ . “We don’t know how long we can keep transgressing these key boundaries before combined pressures lead to irreversible change and harm. Johan Rockström, co-author and Centre researcher
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